香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全 部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 GUANGDONG – HONG KONG GREATER BAY AREA HOLDINGS LIMITED 粵 港 灣 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1396） 截 至2023年6月30日 止 六 個 月 的 未 經 審 核 中 期 業 績 公 告 粵港灣控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈本公司 連同其附屬公司（合稱「本集團」）截至2023年6月30日止六個月（「本期間」）未經審 核簡明合併中期業績。 本公告載有本公司2023年中期報告全文，並符合香港聯合交易所有限公司（「聯 交所」）證券上市規則（「上市規則」）中有關中期業績初步公告附載之資料之相關 要求。 承董事會命 粵港灣控股有限公司 主席及執行董事 羅介平 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 GUANGDONG - HONG KONG GREATER BAY AREA HOLDINGS LIMITED 粵港灣控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1396） 截至 2022 年 12月 31 日止年度 經審核全年業績公告 及 恢復交易 截至 2022年 12月 31日止年度全年業績公告 粵港灣控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬 公司截至2022年12月31日止年度經審核綜合財務業績。本公告載有本公司2022年年 度報告（「2022 年年度報告」）的全文，並已遵守有關香港聯合交易所有限公司 （「聯交所」）證券上市規則有關年度業績初步公告附載資料的相關規定。2022 年年 度報告印刷版本將於2023年4月29日寄發予本公司股份的註冊持有人，並可於聯交所 網站www.hkexnews.hk 及本公司網站www.youngogroup.com閲覽 ...

Strategic Restructuring and Vision - The company reported a strategic restructuring in 2019, bringing in strategic shareholders to enhance financial resources and operational experience for innovative development and industrial upgrades [5]. - The company emphasizes its corporate vision of "empowering the future of cities for creating a better life" and positions itself as a "new ecological industrial city service provider" [11]. - The company aims to build a harmonious industrial ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on urban renewal and residential projects [4]. - The company has implemented a dual-brand operation strategy to better serve the national strategy of the Greater Bay Area [5]. - The company’s headquarters is strategically located in the Greater Bay Area, which is viewed as a highland for development [4]. - The company focuses on creating mutually beneficial relationships among customers, companies, governments, employees, and the natural environment [4]. - The company’s core values include integrity, innovation, excellence, and win-win results [11]. Financial Performance - The Group recorded contracted sales amount of approximately RMB1,097.6 million in the first half of 2022, a decrease of approximately 64.0% compared to RMB3,049.3 million in the same period of 2021 [22]. - Revenue for the first half of 2022 was approximately RMB1,321.7 million, with property development and related services generating approximately RMB312.8 million, representing a significant decrease of 83.6% from RMB1,902.3 million in the same period of 2021 [26]. - The total cost of sales was approximately RMB1,473.2 million, with property development and related services cost at approximately RMB460.1 million, a decrease of 65.4% compared to RMB1,329.7 million in the same period of 2021 [28]. - The Group recorded a gross loss of approximately RMB151.5 million in the first half of 2022, compared to a gross profit of approximately RMB573.3 million in the same period of 2021 [29]. - Finance costs increased by 73.5% to approximately RMB300.6 million in the first half of 2022, up from approximately RMB173.3 million in the same period of 2021 [37]. - The Group plans to strengthen cash flow management and improve capital return efficiency while exploring cooperation opportunities with investors for business development [40]. - The Group's total land bank with confirmed land use rights was approximately 9.027 million sq.m. as of June 30, 2022 [22]. Shareholding Structure - As of June 30, 2022, Mr. Zeng Yunshu and Mr. Cai Hongwen each held 2,664,306,801 ordinary shares, representing 58.72% of the Company's total issued share capital [85]. - The shareholding structure indicates significant concentration of ownership among a few key stakeholders, particularly China Greater Bay Area Holdings and its affiliates [91]. - The Company aims to recognize the contributions of employees and directors through the Share Option Scheme [99]. - The total number of shares issued as of June 30, 2022, is 4,537,354,000 [91]. Corporate Governance and Compliance - The audit committee confirmed compliance with applicable accounting principles and adequate disclosures in the financial report for the period [5]. - The company has adopted the Model Code for securities transactions, with all directors confirming compliance during the period [9]. - The company has maintained compliance with the Corporate Governance Code throughout the reporting period [10]. - Following the resignation of Mr. Lam, the board re-complied with the listing rules after appointing two new independent non-executive directors [7]. Changes in Executive Leadership - Changes in executive leadership included Mr. Zeng Yunshu being appointed as Chairman of the Board on June 27, 2022, after resigning as co-Chairman on January 20, 2022 [139]. - Mr. He Fei was appointed as an executive Director and CEO on June 27, 2022 [139]. - Mr. Chen Junyu resigned as an executive Director, co-Chairman of the Board, and CEO on May 6, 2022 [142]. Market Outlook and Strategies - The property market is anticipated to gradually recover in the second half of the year due to increased supporting policies from local governments [79]. - The Group plans to implement precise marketing strategies tailored to specific cities and projects to achieve growth in both sales scale and cash collection [79]. - The Group plans to accelerate the sales of completed properties held for sale and speed up the collection of sales proceeds through targeted sales promotion policies [188]. - Proactive measures will be taken to control selling and distribution expenses as well as administrative expenses [188]. Cash Flow and Financing - The Group's cash flow forecasts indicate a need for additional financing or refinancing to meet financial obligations within the next 12 months [194]. - The Group is actively negotiating with major lenders for new financing or refinancing, proposing to use unpledged investment properties as collateral [188]. - Proceeds from new bank loans and other borrowings amounted to RMB 1,385,550,000 for the six months ended June 30, 2022, an increase from RMB 1,344,030,000 in 2021 [183].

Company Recognition and Strategy - The company was awarded as "2021 China mainland TOP 10 Real Estate Company Listed in Hong Kong by Investment Value" and ranked 19th among the 2021 Top 50 Real Estate Enterprises in Greater Bay Area[14]. - The company continues to develop the trade centre business under the brand "HYDOO" while expanding various business sectors under the brand "YOUNGO", including high-end housing and urban renewal[7]. - The company strategically upgraded to a "new ecological industrial city service provider" in 2020, focusing on the Guangdong-Hong Kong-Macao Greater Bay Area[6]. - The company aims to build a harmonious industrial ecosystem that includes customers, companies, governments, employees, and the natural environment[5]. - The company has implemented a dual-brand operation with the new "YOUNGO" brand to better serve the national strategy of the Greater Bay Area[6]. - The company has undergone strategic restructuring since 2019 by bringing in strategic shareholders to enhance its innovative development and industrial upgrade[6]. - The corporate vision is to "empower the future of cities for creating a better life" and the core values include integrity, innovation, excellence, and win-win results[11]. - The company focuses on residential and urban renewal projects within the Greater Bay Area, leveraging its strategic location[5]. - The company has been recognized as a leading enterprise in brand reputation and as a benchmark developer for open and transparent procurement in 2021[14]. Financial Performance - The Group achieved contracted sales of approximately RMB4,582.5 million for FY2021, an increase of 8.8% from RMB4,209.7 million in FY2020[28]. - Residential property sales accounted for approximately 78.7% of total contracted sales in FY2021, up from 66.2% in FY2020[29]. - The Group's total revenue for FY2021 was approximately RMB5,570.9 million, representing a 49.1% increase from RMB3,737.2 million in FY2020[38]. - Revenue from property development and related services was approximately RMB4,088.2 million in FY2021, a year-on-year increase of 9.4%[42]. - The Group reported a gross profit of approximately RMB735.3 million for FY2021, a decrease of 42.9% from RMB1,286.7 million in FY2020[45]. - The Group incurred a net loss of approximately RMB445.1 million for FY2021, compared to a net profit of approximately RMB356.3 million in FY2020[45]. - The total trading transaction amount for the Group in FY2021 was approximately RMB 1,482.7 million, contributing to the Group's revenue[47]. - The Group's cost of sales for FY2021 was approximately RMB 4,835.6 million, an increase of 97.1% from RMB 2,450.4 million in FY2020[48]. - Distribution and administration expenses for FY2021 totaled approximately RMB 669.5 million, representing about 12.0% of revenue, down from 13.8% in FY2020[53]. - The impairment loss on financial assets measured at amortization cost was approximately RMB 12.1 million in FY2021, down from RMB 28.1 million in FY2020[55]. - The Group's finance costs for FY2021 were approximately RMB 297.0 million, a slight increase from approximately RMB 276.8 million in FY2020[63]. Assets and Liabilities - The total land bank as of December 31, 2021, was approximately 12.8 million sq.m., with confirmed land use rights for approximately 9.4 million sq.m., an increase from 8.9 million sq.m. in FY2020[30]. - Total cash balances as of December 31, 2021, amounted to approximately RMB 2,136.8 million, a decrease from approximately RMB 2,351.4 million as of December 31, 2020[67]. - The Group's borrowings as of December 31, 2021, included bank loans and other borrowings of approximately RMB 3,271.3 million, significantly up from approximately RMB 1,310.3 million in FY2020[75]. - The total contingent liabilities related to mortgage guarantees increased to approximately RMB3,243.7 million as of December 31, 2021, compared to RMB2,648.3 million as of December 31, 2020, reflecting a growth of 22.5%[78]. - Capital commitments for construction and development contracts as of December 31, 2021, were RMB5,000.1 million, up from RMB2,130.3 million in 2020, representing a significant increase of 134.7%[83]. - The current ratio improved to 1.62 as of December 31, 2021, compared to 1.23 in 2020, indicating better short-term financial health[85]. - The gearing ratio increased to 27.1% as of December 31, 2021, from 16.5% in 2020, suggesting a higher level of financial leverage[85]. - Current assets increased significantly to RMB 20,222,582,000 in 2021 from RMB 14,724,095,000 in 2020, a growth of 37.0%[105]. - Non-current liabilities rose sharply to RMB 5,725,569,000 in 2021 from RMB 1,131,745,000 in 2020, an increase of 406.5%[105]. - Total equity attributable to equity shareholders decreased to RMB 5,088,072,000 in 2021 from RMB 5,592,397,000 in 2020, a decline of 9.0%[105]. Shareholder and Governance Information - The company did not recommend the payment of a final dividend for FY2021, consistent with FY2020[122]. - Revenue from the largest customer accounted for approximately 3.0% of total revenue, while the five largest customers accounted for about 5.5%[127]. - Purchases from the largest supplier accounted for approximately 28.6% of total purchases, with the five largest suppliers accounting for about 60.9%[128]. - As of December 31, 2021, the total number of outstanding shares involved in the Share Option Scheme was 123,200,000 shares, representing approximately 2.72% of the shares in issue[151][152]. - The maximum number of shares that may be issued under the Share Option Scheme is 401,484,400 shares, subject to shareholder approval for a 10% refreshment limit[141][148]. - The exercise price for outstanding share options is HK$0.5, determined by the Board based on the higher of the closing price on the grant date or the average closing price for the five trading days prior[151][152]. - The Share Option Scheme is effective for a period of ten years from May 30, 2019, with no further options to be offered after May 30, 2029[144]. - The vesting schedule for share options includes 30% vesting on April 1, 2021, and April 1, 2022, and 40% vesting on April 1, 2023[155]. - During FY2021, a total of 202,400,000 share options were granted, with 79,200,000 options canceled, leaving 123,200,000 options outstanding[154]. - The Company had no significant disputes with suppliers or customers during the fiscal year ending December 31, 2021[137]. - The Board has recommended the re-appointment of Directors standing for re-election at the upcoming annual general meeting[161]. - Each Director has entered into a service contract with the Company for a period of three years, with no contracts that are not determinable within one year without compensation[162]. - No Directors had material beneficial interests in any significant contracts related to the Group's business during FY2021[163]. - The Controlling Shareholders confirmed compliance with the Non-Competition Deed during FY2021[176]. - The Company will seek opinions from independent non-executive Directors regarding any New Opportunities that may compete with its core business[175]. - The emolument policy of the Company is outlined in the Corporate Governance Report of the annual report[177]. - As of December 31, 2021, Mr. Cai Hongwen holds 2,664,306,801 ordinary shares, representing approximately 58.72% of the total issued share capital of the company[193]. - The total number of shares issued as of December 31, 2021, is 4,537,354,000[199]. - Mr. Yang Sanming has share options amounting to 21,000,000, which contributes to a total interest of 21,614,000 shares, representing approximately 0.48% of the total issued share capital[193]. - Mr. Wang Dewen holds share options of 7,000,000, representing approximately 0.15% of the total issued share capital[193]. - Mr. Lam Chi Yuen Nelson and Mr. Yue Zheng each hold share options of 630,000, representing approximately 0.01% of the total issued share capital[193]. - The company has a Non-competition Deed signed by controlling shareholders, ensuring that their associates are also bound by this agreement[186]. - The principal business activities of the group include real estate development, which may compete with the businesses of associated companies[185]. - The company is committed to fulfilling fiduciary duties and acting in the best commercial interest of the group as a whole[186]. - No other directors or chief executives had interests or short positions in the shares of the company as of December 31, 2021, that required disclosure[196]. - The interests of substantial shareholders are recorded in accordance with the Securities and Futures Ordinance, with specific disclosures required for those holding 5% or more of the nominal value of any class of share capital[200].

Strategic Restructuring and Corporate Vision - The company reported a strategic restructuring in 2019, bringing in strategic shareholders to enhance financial resources and operational experience for innovative development and industrial upgrades[5]. - The company is positioned as a "new ecological industrial city service provider," focusing on creating a harmonious industrial ecosystem[3]. - The company has a corporate vision to "empower the future of cities for creating a better life," highlighting its commitment to urban prosperity[10]. Urban Development and Market Focus - The company aims to boost urban development through industry integration, focusing on high-turnover residential and commercial projects in provincial capital cities of China[3]. - The company reported a focus on the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging its strategic value for business expansion[4]. - The company emphasizes an "industry-driven" development philosophy to promote the integration of industry and urban development[8]. - The Group's strategic focus on the Greater Bay Area resulted in approximately 37% of total contracted sales coming from this region in the first half of 2021[42]. Financial Performance - The Group's revenue for the first half of 2021 was approximately RMB2,604.3 million, representing an increase of 255.2% from approximately RMB733.2 million in the same period of 2020[26]. - The net profit for the same period was approximately RMB161.1 million, reflecting a year-on-year increase of 68.2% from approximately RMB95.8 million in 2020[26]. - The Group achieved contracted sales amount of approximately RMB3,049.3 million in the first half of 2021, with residential properties accounting for approximately 79% of total contracted sales[40][41]. - Revenue from property development and related services was approximately RMB 1,902.3 million, reflecting a year-on-year increase of 159.5%, with property sales income contributing approximately 94.2%[64]. Land Acquisition and Development - The Group has acquired approval for land usage change for approximately 700,000 sq.m. of land in the Lanzhou project, which accounts for about 90% of the total undeveloped land[36]. - The Group acquired eight projects in the first half of 2021, with a planned gross floor area of approximately 2.1 million sq.m. and an expected saleable amount of RMB 25.0 billion[53]. - As of June 30, 2021, the Group's total land bank was approximately 13.7 million sq.m., with residential land accounting for 48%, up from 16% in the previous year[54]. - Approximately 76% of the newly acquired land bank in the first half of 2021 is located in the Greater Bay Area and adjacent regions, indicating a strategic focus on this area[53]. Financial Management and Ratios - The cash to short-term debt ratio as of June 30, 2021, was 1.14, indicating prudent financial management[27]. - The Group's liabilities to assets ratio, excluding receipts in advance, was 69.6% as of June 30, 2021[27]. - The current ratio improved to 1.33 as of June 30, 2021, compared to 1.23 at the end of 2020[111]. - The gearing ratio increased to 22.1% from 16.5% as of December 31, 2020, indicating a rise in financial leverage[111]. Share Capital and Ownership Structure - As of June 30, 2021, Mr. Cai Hongwen holds 2,664,306,801 ordinary shares, representing approximately 58.72% of the total issued share capital[132]. - The total issued share capital as of June 30, 2021, is 4,537,354,000 shares[137]. - China Greater Bay Area Holdings holds a beneficial ownership of 2,664,306,801 shares, representing approximately 58.72% of the company's total issued share capital[141]. - The total number of share options granted is 202,400,000, with 14,900,000 options canceled, resulting in 187,500,000 options remaining as of June 30, 2021[150]. Corporate Governance and Compliance - The Audit Committee consists of three independent non-executive Directors, ensuring compliance with the Listing Rules[166]. - The interim financial report for the period has been reviewed by KPMG, confirming compliance with applicable accounting principles and standards[168]. - The company has complied with the Corporate Governance Code during the period, following the appointment of an independent non-executive Director[156]. - The company has made adequate disclosures in its financial reporting, as confirmed by the Audit Committee[167]. Future Plans and Strategies - The Group plans to strengthen cash flow management and explore cooperation opportunities with foreign and domestic investors for funding[92]. - The Group will implement a prudent land acquisition strategy to reduce investment risks and ensure sufficient cash flow[123]. - The Group aims to accelerate the collection of sales proceeds through proactive sales strategies to strengthen operating cash flows[123]. - The Group plans to enhance product and service quality while maintaining strict cost control to improve product price premium[123].

Company Rebranding and Strategy - The company was officially renamed as "Guangdong – Hong Kong Greater Bay Area Holdings Limited" and adopted the new brand "YOUNGO" to mark a new chapter in its development[17]. - The company repositioned itself as a "new ecological industrial city service provider," focusing on the Greater Bay Area for long-term business development[19]. - The company implemented a dual-brand operation strategy to better serve the national strategy of the Greater Bay Area[5]. - The Group's strategic focus is on the Greater Bay Area, with plans for high-turnover residential and commercial projects in provincial capital cities across Mainland China[56]. - The Group aims to boost urban development through industry integration and promote rural revitalization[6]. Financial Performance - Revenue and gross profit amounted to approximately RMB3,737.2 million and RMB1,286.7 million, representing significant increases of 136.0% and 124.6% compared to FY2019[62]. - The Group recorded contracted sales amount of approximately RMB4,210 million, exceeding the annual target[62]. - Basic earnings per share for FY2020 was approximately RMB8.4 cents, a strong turnaround from a basic loss per share of RMB6.8 cents in FY2019[62]. - The net profit for FY2020 was RMB356.3 million, marking a turnaround from a net loss of RMB277.3 million in FY2019[84]. - The Group's total revenue for FY2020 was approximately RMB3,737.2 million, representing an increase of approximately RMB2,153.9 million or 136.0% compared to FY2019[114]. Project Development and Land Bank - The company successfully acquired numerous projects in the Greater Bay Area, leading to a broad-based increase in its land bank[20]. - The Group has acquired and followed up with seven urban renewal projects in the Greater Bay Area, expected to contribute approximately 1.68 million sq.m. of gross floor area[65]. - The total expected contribution from the ten projects in the Greater Bay Area and adjacent areas is approximately 2.6 million sq.m. of gross floor area[65]. - The total land bank of the Group was approximately 8.92 million sq.m. as of December 31, 2020, and increased to approximately 11.4 million sq.m. including pending projects[102]. - Approximately 66% of the newly acquired land bank of 1.89 million sq.m. is located in the Greater Bay Area and adjacent areas[103]. Operational Initiatives and Digital Transformation - The Group embarked on its digital transformation in early 2020, partnering with Ming Yuan Cloud to adopt a "management + IT" model to enhance core business management[33]. - The Group's digital initiatives are focused on refined management and control to enhance operational efficiency[33]. - The Group's strategic focus for 2021 is on quality improvement across various operational aspects, including planning, design, and marketing[71]. - The implementation of nine institutional systems aligned with the new strategy is expected to reduce business risks and improve performance[58]. Talent Management and Human Resources - The company established a long-term incentive mechanism by granting share options, aligning the interests of shareholders and employees[25]. - The Group officially launched its strategic talent planning in early 2020, initiating a top-tier talent class and an outstanding intern recruitment scheme to secure a talent pool for sustainable development[31]. - As of December 31, 2020, the Group had 961 employees, an increase from 805 employees in 2019[187]. COVID-19 Response - The management has implemented various measures to ensure operational continuity during the COVID-19 pandemic, including temperature checks and work-from-home policies[83]. - The Group procured over 1.2 million medical masks and other medical supplies to support COVID-19 efforts in Mainland China[83]. Environmental and Compliance Commitment - The Group is committed to environmental sustainability and compliance with PRC environmental protection laws, with further details to be published in the upcoming Environmental, Social and Governance report[199]. - There were no incidents of non-compliance with relevant laws and regulations that significantly impacted the Company during FY2020[200].

Financial Performance - The Group's revenue for the six months ended June 30, 2020, was approximately RMB 733.2 million, representing a 15.7% increase compared to RMB 633.5 million for the same period in 2019[14]. - Gross profit for the same period reached RMB 359.4 million, reflecting a 40.0% increase from RMB 256.8 million in the previous year[14]. - Profit for the period surged to RMB 95.8 million, marking an increase of 839.2% compared to RMB 10.2 million in the prior year[14]. - Basic earnings per share rose to RMB 2.5 cents, up 525.0% from RMB 0.4 cents for the same period in 2019[14]. - Revenue increased by RMB99.7 million, or 15.7%, from RMB633.5 million for the six months ended 30 June 2019 to RMB733.2 million for the Period[108]. - Revenue from sales of properties increased by RMB93.0 million, or 16.4%, from RMB566.4 million for the six months ended 30 June 2019 to RMB659.4 million for the Period[111]. - Gross profit rose by RMB 102.6 million, or 40.0%, from RMB 256.8 million for the six months ended 30 June 2019 to RMB 359.4 million for the Period[123]. - Gross profit margin improved from 40.5% in the previous year to 49.0% in the current period, attributed to increased government grants credited to cost of sales[123]. Impact of COVID-19 - The Group faced challenges due to the COVID-19 outbreak, with a significant impact on contract sales during February and March 2020[16]. - Despite the pandemic, the Group managed to achieve higher earnings and gross profit than the previous year, demonstrating operational resilience[16]. - The average contracted sales price for the period was significantly impacted by the COVID-19 outbreak, affecting overall performance[40]. - Selling and distribution expenses decreased by RMB 29.1 million, or 54.0%, from RMB 53.9 million for the six months ended 30 June 2019 to RMB 24.8 million for the Period, due to reduced marketing activities amid COVID-19[125]. Market Conditions - The overall economic environment in China saw a GDP decrease of 1.6% year-on-year in the first half of 2020, affecting the real estate industry[15]. - The tightening of top-level policies and a wait-and-see attitude in the market led to a decline in real estate development and investment growth[15]. - The overall profit of the real estate industry has been shrinking, with ongoing challenges and a divided competitive landscape[30]. Strategic Initiatives - The Group is actively controlling project commencement and improving operational efficiency to mitigate the negative impacts of the pandemic[16]. - The Group aims to integrate technological innovation and diversify its business models into urban renewal, industrial parks, featured towns, residential communities, and commercial services[32]. - The Group's strategic upgrade aims to position it as a "new ecological industrial city service provider" to drive urban development[32]. - The Group signed the Mianyang Cultural and Creative Industrial Park Project Investment Cooperation Agreement, covering a total planned site area of approximately 3,540 mu, marking its entry into the cultural tourism and health service industry[26]. - The Group's strategic name change reflects its focus on the Greater Bay Area, with a strategic layout of "1+3+N" targeting in-depth development in Jiangxi, Hunan, and Guangxi[31]. Operational Metrics - The Group's contracted sales for the period were approximately RMB 703.0 million, representing a decrease of 52.2% compared to RMB 1,471.6 million in the same period last year[40]. - The contracted sales area was 130,317 sq.m., down 50.2% from 261,619 sq.m. in the previous year[40]. - The primary sources of contracted sales were pre-sales of residential projects in Jining, Wuzhou, and Ganzhou, as well as wholesale trading market units at Heze Trade Center[40]. - The Group's property management area reached approximately 6.0 million square meters, while the commercial operation management area was approximately 4.5 million square meters, with a 10% increase in the opening rate of commercial projects[21]. Financial Position - The Group's gearing ratio was 46.8%, net debt ratio was 39.3%, and cash to short-term debt ratio was 1.56, indicating a healthy debt level[20]. - The current ratio as of June 30, 2020, was 1.53, up from 1.46 at the end of 2019[161]. - The gearing ratio as of June 30, 2020, was 20.9%, a slight decrease from 21.5% at the end of 2019[161]. - The net gearing ratio increased significantly to 39.3% as of June 30, 2020, compared to 20.4% at the end of 2019[161]. - Total bank loans and other borrowings increased from RMB1,233.7 million as of 31 December 2019 to RMB1,413.3 million as of June 30, 2020[152][156]. Employee and Governance - The total employee benefit expenses for the period amounted to RMB 88.8 million, a decrease of 34.2% from RMB 134.9 million for the six months ended June 30, 2019[166]. - The workforce decreased by 1.7% to 791 employees as of June 30, 2020[166]. - The Company has complied with the Corporate Governance Code during the Period[192]. - All Directors confirmed compliance with the Model Code for Securities Transactions during the Period[193]. - The Audit Committee was established on September 27, 2013, to oversee financial reporting and risk management[194]. Share Capital and Options - The Group issued 522,510,000 new shares, representing approximately 11.52% of the issued share capital, generating net proceeds of approximately HK$234,929,500[20]. - The total issued share capital as of June 30, 2020, is 4,537,354,000 shares[177]. - The total number of outstanding share options granted to directors and employees was 164,200,000 shares as of June 30, 2020[166]. - The Company granted a total of 175,400,000 Options on June 12, 2020, with 11,200,000 Options lapsed during the period, resulting in 164,200,000 outstanding Options as of June 30, 2020[188].

Financial Performance - The Group's revenue for FY2019 was approximately RMB1,583.3 million, a decrease of 44.3% from RMB2,842.2 million in FY2018[15]. - Gross profit for FY2019 was approximately RMB572.9 million, down 50.1% from RMB1,142.9 million in FY2018[15]. - Revenue decreased by RMB1,258.9 million, or 44.3%, from approximately RMB2,842.2 million for FY2018 to RMB1,583.3 million for FY2019[97]. - Revenue from the sales of properties decreased by RMB1,289.6 million, or 47.5%, from approximately RMB2,712.5 million for FY2018 to RMB1,422.9 million for FY2019[99]. - The average sales price of properties sold decreased by RMB1,554 per sq.m., or 23.3%, from RMB6,669 per sq.m. for FY2018 to RMB5,115 per sq.m. for FY2019[99]. - The GFA of properties sold decreased by 128,501 sq.m., or 31.6%, from 406,704 sq.m. for FY2018 to 278,203 sq.m. for FY2019[99]. - The Group incurred a net loss of RMB 277.3 million in FY2019, compared to a net profit of RMB 109.9 million in FY2018, with a loss attributable to equity shareholders of RMB 271.2 million[131]. Sales and Contracted Sales - Contracted sales for FY2019 were approximately RMB2,805.5 million, remaining stable compared to the previous year[15]. - In FY2019, the Group recorded contracted sales of approximately RMB 2,805.5 million, a decrease of 1.7% from RMB 2,854.9 million in FY2018[36][37]. - The contracted sales area for FY2019 was 482,553 sq.m., representing an increase of 20.2% compared to 401,378 sq.m. in FY2018[36][37]. - The contracted sales recorded during FY2019 were primarily related to pre-sales of properties in Ganzhou, Jining, Yulin, Lanzhou, and Wuzhou[36][37]. Economic Environment - The PRC's GDP growth rate for 2019 was 6.1%, a decline of 0.5% year on year, indicating a continued slowdown in economic growth[16]. - Consumer spending contributed 57.8% to the economic growth in 2019, marking six consecutive years as the main driving force[16]. - The overall economic operation in the PRC remained smooth despite complicated external environments and increasing downward pressure[16]. Strategic Developments - The Group attracted a new strategic shareholder, China Guangdong – Hong Kong Greater Bay Area Holdings Limited, to enhance its development and operational capabilities[17]. - The introduction of a new strategic shareholder has led to improved management practices and operational efficiency within the Group[21]. - The Group plans to focus on the development of projects in the Guangdong-Hong Kong-Macao Greater Bay Area to enhance strategic deployment in that region[31]. - The Group aims to increase the portion of residential properties to boost overall profits while maintaining a diversified business strategy[27]. - The Group is actively seeking solutions to adapt to the structural adjustments in the domestic economy and the impact of emerging industries[17]. Operational Focus and Management - The Group's operational focus for 2020 includes refining corporate systems and enhancing risk management practices[31]. - The Group emphasized the importance of inventory reduction as a central task for 2020, aiming to adjust operational structure and solidify existing business models[33]. - The Group is focused on developing new business models while consolidating existing operations to adapt to market conditions[33]. - The management team is committed to enhancing employee responsibility awareness and improving the overall quality of the workforce through education and training initiatives[33]. - The Group aims to strengthen risk control and accountability mechanisms to foster a positive business environment internally[33]. Property Development and Assets - As of 31 December 2019, the total land bank was approximately 7.7 million sq.m., with 12 projects under development across 7 provinces and autonomous regions in China[43][44]. - The total land bank across all properties is estimated at 7,725,535 sq.m. as of December 31, 2019[46]. - The company is actively constructing residential areas and additional facilities in multiple trade centers as part of its expansion strategy[49][58]. - Future development plans include constructing additional shopping malls, residential areas, and commercial centers across various trade centers[49][52][58]. Financial Management - The Company successfully issued senior notes due 2021 with an aggregate principal amount of US$243.5 million[21]. - Total outstanding borrowings as of December 31, 2019, were RMB 1,233.7 million, a decrease of 2.6% from RMB 1,266.9 million as of December 31, 2018[151]. - The maximum amount of guarantees provided to banks for mortgage facilities granted to customers was RMB 2,757.9 million as of December 31, 2019, an increase of 25.0% from RMB 2,204.5 million in FY2018[155][156]. - Capital commitments outstanding as of December 31, 2019, were RMB 1,695.7 million, down from RMB 2,051.0 million as of December 31, 2018, indicating a reduction of 17.3%[159]. Human Resources - Total employee benefit expenses increased by 14.4% to RMB 261.0 million in FY2019, up from RMB 228.2 million in FY2018[164]. - The workforce decreased by 25.0% to 805 employees as of 31 December 2019, down from 1,074 employees in 2018[164]. Compliance and Sustainability - There were no incidents of non-compliance with relevant laws and regulations that had or would have a significant impact on the Company during FY2019[187][192]. - The Group has implemented energy-saving policies to reduce electricity consumption and has taken measures to minimize pollution in its operations[186][191].

Financial Performance - The Group's revenue for the first half of 2019 was approximately RMB633.5 million, a decrease of 31.4% compared to RMB922.6 million in the same period of 2018[14]. - Gross profit for the same period was approximately RMB256.8 million, down from RMB363.8 million, representing a decline of 29.5%[14]. - Basic earnings per share decreased to RMB0.4 cents from RMB0.8 cents year-on-year[14]. - Revenue decreased by RMB289.1 million, or 31.3%, from RMB922.6 million for the six months ended 30 June 2018 to RMB633.5 million for the Period[102]. - Revenue from sales of properties decreased by RMB295.6 million, or 34.3%, from RMB862.0 million for the six months ended 30 June 2018 to RMB566.4 million for the Period[105]. - Gross profit decreased by RMB107.0 million, or 29.4%, from RMB363.8 million for the six months ended 30 June 2018 to RMB256.8 million for the period[117]. - Profit for the period decreased by RMB25.2 million, or 71.2%, from RMB35.4 million for the six months ended 30 June 2018 to RMB10.2 million for the period[137]. - Profit attributable to equity shareholders decreased by RMB14.6 million, or 47.9%, from RMB30.5 million for the six months ended 30 June 2018 to RMB15.9 million for the period[137]. Sales and Contracted Sales - Contracted sales increased by 135.7% to approximately RMB1,471.6 million, with a contracted sales area of 261,619 sq.m., up 138.3%[21]. - In the first half of 2019, the Group recorded contract sales amounting to approximately RMB 1,471.6 million, representing an increase of 135.7% year-on-year, with a sales area of 261,619 square meters, up 138.3% year-on-year[23]. - The increase in contracted sales was primarily driven by pre-sales of residential projects in Ganzhou, Jining, and Wuzhou[38]. - The total contracted sales amount for the six months ended June 30, 2019, was RMB 1,471,587 thousand, compared to RMB 624,271 thousand in the same period last year[46]. Revenue Sources - Revenue from property management services was approximately RMB30.4 million, contributing 4.8% to total revenues, up from 3.4% in the previous year[22]. - Revenue from rentals amounted to approximately RMB22.0 million, increasing its contribution to total revenue to 3.5% from 1.7% year-on-year[22]. - Revenue from property management services was RMB30.4 million, accounting for 4.8% of total revenue for the Period[104]. - Rental income increased to RMB22.0 million, representing 3.5% of total revenue for the Period, compared to 1.7% in the previous year[104]. Market Conditions and Strategy - The property development and investment sector in the PRC grew by 10.9% year-on-year, with commercial housing sales increasing by 5.6%[20]. - The total retail sales of consumer goods in the PRC increased by 8.4% year-on-year, indicating strong consumer spending driving economic growth[15]. - The tightening of the financing environment has significantly impacted small and medium-sized real estate enterprises, leading to a differentiated capacity for obtaining finance among various real estate companies[28]. - The Group's strategy focused on liquidating inventory and maintaining a sustainable growth pace amid tightening financing channels for property development[21]. - The current economic environment presents new downward pressures, with the government emphasizing stable development and structural reforms to promote high-quality growth[27]. Development Projects - As of June 30, 2019, the total land bank amounted to 7.9 million sq.m., with 12 projects under development across 7 provinces and autonomous regions in China[48]. - The Group is currently developing 12 projects across 7 provinces in China, with certain restrictions on property sales as per local government agreements[172]. - Future development plans include constructing additional shopping malls, residential areas, and office buildings across various trade centers[64][67]. - The company plans to construct additional wholesale trading markets and a hotel at the Mianyang Trade Center as part of its future development plan[99]. Financial Position and Liabilities - As of June 30, 2019, total liabilities amounted to RMB 1,316,391,000, an increase from RMB 1,266,911,000 as of December 31, 2018, reflecting a growth of approximately 3.9%[155]. - The gearing ratio as of June 30, 2019, was 20.7%, slightly up from 20.5% as of December 31, 2018[166]. - The net gearing ratio increased to 25.7% as of June 30, 2019, compared to 24.4% at the end of 2018[166]. - The primary uses of cash include construction costs, land acquisition costs, and servicing indebtedness, financed through internally generated cash flows and borrowings[147]. Employee and Shareholder Information - As of June 30, 2019, the Group had a workforce of 1,047 people, a decrease of 2.5% since December 31, 2018[173]. - Total employee benefit expenses for the period amounted to RMB 134.9 million, an increase of 13.6% compared to RMB 118.8 million for the six months ended June 30, 2018[173]. - The remuneration package for employees includes salary, bonuses, and other cash subsidies, with an annual review system in place for performance assessment[176]. - The company approved a Share Option Scheme on May 30, 2019, aimed at recognizing employee contributions through share options[196]. Compliance and Governance - The company has complied with the Corporate Governance Code during the reporting period[199]. - All directors confirmed compliance with the Model Code for Securities Transactions during the reporting period[200]. - Employees with unpublished inside information are prohibited from trading shares during the black-out period[200].

Financial Performance - The Group's revenue for FY2018 was approximately RMB2,842.2 million, representing an increase of 58.6% compared to FY2017's revenue of RMB1,792.4 million[16]. - Gross profit for FY2018 was approximately RMB1,142.9 million, reflecting a 59.7% increase from RMB715.8 million in FY2017[16]. - Basic earnings per share for FY2018 were RMB2.7 cents, down from RMB6.1 cents in FY2017[16]. - Revenue increased by RMB1,049.8 million, or 58.6%, from approximately RMB1,792.4 million for FY2017 to RMB2,842.2 million for FY2018[105]. - Revenue from property sales increased by RMB1,015.2 million, or 59.8%, from approximately RMB1,697.3 million for FY2017 to RMB2,712.5 million for FY2018[108]. - The total gross floor area (GFA) sold in FY2018 was 406,704 sq.m., with an average sales price of RMB6,669 per sq.m.[113]. - Profit for the year decreased by RMB 145.4 million, or 57.0%, from RMB 255.3 million in FY2017 to RMB 109.9 million in FY2018, with profit attributable to equity shareholders decreasing by RMB 138.6 million, or 56.4%, to RMB 107.0 million[164]. Economic Environment - China's GDP for 2018 was RMB90 trillion, with a year-on-year growth rate of 6.6%, a decrease of 0.3% from the previous year[17]. - The industrial growth rate in China declined to 5.4%, the lowest since 1992, indicating increased economic pressure[17]. - The decline in fiscal revenue continued to expand, contributing to the overall economic slowdown[17]. - The Central Economic Work Conference indicated that downward pressure on China's economy is expected to increase, impacting real estate investment and sales in 2019[28]. Regulatory Challenges - The frequency of regulatory policies issued by the Chinese government on the real estate market reached a record high in 2018, impacting the industry significantly[17]. - The Group faced considerable challenges due to the tightening of regulations aimed at deleveraging and encouraging diversification in the real estate sector[17]. - The Group's operational performance was influenced by the broader economic conditions and regulatory environment in China[17]. - Future strategies may focus on navigating the regulatory landscape and exploring market expansion opportunities amidst economic challenges[17]. Sales and Contracted Performance - The Group recorded a contracted sales amount of approximately RMB2,854.9 million, representing an increase of 5.0% compared to the previous year[22]. - The contracted sales area decreased by 13.9% to 401,378 sq.m. in FY2018, down from 466,115 sq.m. in FY2017[41]. - The average contracted sales price in FY2018 was RMB 7,113 per sq.m., compared to RMB 5,833 per sq.m. in FY2017[45]. - The Group's sales performance was primarily driven by pre-sales from projects in Jining, Liuzhou, Lanzhou, Wuzhou, and Yantai[40]. Property Management and Rental Income - Revenue from property management services amounted to approximately RMB57.5 million, an increase of 15.7% from the previous year[23]. - Rental income reached approximately RMB39.7 million, reflecting a significant increase of 66.2% from the previous year due to continuous expansion in leasing areas[23]. Development Projects - As of December 31, 2018, the total land bank amounted to approximately 9.0 million sq.m., with 12 projects being developed across 7 provinces and autonomous regions in China[47]. - The Group's residential projects in Jining, Ganzhou, and Wuzhou were launched for sales, providing strong support for contracted sales results[22]. - Future development plans include constructing additional shopping malls, residential areas, warehouses, and office buildings across various trade centers[61][64]. - The total GFA of properties under development is approximately 9,035,039 sq.m., with 6,508,103 sq.m. being planned for future projects[49]. Financial Management - Cost of sales increased by RMB622.7 million, or 57.8%, from RMB1,076.6 million for FY2017 to RMB1,699.3 million for FY2018[116]. - Other income decreased by RMB399.4 million, or 81.2%, from RMB491.8 million for FY2017 to RMB92.4 million for FY2018[124]. - Selling and distribution costs decreased by RMB36.3 million, or 24.6%, from RMB147.3 million for FY2017 to RMB111.0 million for FY2018[125]. - Administrative and other operating expenses decreased by RMB22.2 million, or 4.8%, from RMB459.0 million for FY2017 to RMB436.8 million for FY2018[126]. Impairment and Losses - Impairment loss on trade and other receivables recognized was approximately RMB46.6 million in FY2018, compared to RMB2.6 million in FY2017[127]. - The share of losses of joint ventures for FY2018 was approximately RMB19.9 million, mainly due to the impairment loss related to the interest in the joint venture Hydoo Best[155]. - The impairment loss on finance lease receivables for FY2018 was approximately RMB13.0 million, primarily due to a significant slowdown in collection during the economic downturn[146]. Future Outlook - Future strategies may focus on navigating the regulatory landscape and exploring market expansion opportunities amidst economic challenges[17]. - The Group aims to implement cooperation with high-tech companies to advance technological innovation and production-city integration[32]. - The Group plans to enhance collaboration with high-tech enterprises and institutions in the Guangdong-Hong Kong-Macao Greater Bay Area to drive innovation and project development[34].